Latest news with #AED2.5bn
Arabian Business
16-04-2025
- Business
- Arabian Business
Dubai Derma ends with $681m of deals
The 24th edition of the Dubai World Dermatology and Laser Conference and Exhibition – Dubai Derma concluded with direct and indirect deals exceeding AED2.5bn ($681m). Over three days, the conference strengthened the UAE's position as a leading regional and global destination for medical tourism, supported by an integrated healthcare system distinguished by advanced infrastructure, highly qualified medical professionals, and healthcare services that meet international standards. Competitive pricing and ease of access to medical services have further reinforced the UAE's status as a preferred destination for patients worldwide. Dubai Derma 2025 Dubai Derma witnessed increasing interest from international visitors, with cosmetic procedures emerging as a fundamental element of the medical tourism ecosystem. Today, the UAE stands out as a leading destination for individuals seeking dermatological and aesthetic treatments. The high-value deals signed during this year's edition reflect the growing global and local importance of the dermatology and aesthetic medicine sectors, underscoring continuous growth in this vital field. Furthermore, the conference reaffirmed Dubai's global stature as a key venue for hosting prominent medical events by offering a dynamic platform for scientific exchange, knowledge sharing, networking, and showcasing cutting-edge medical technologies. Artificial intelligence (AI) featured prominently throughout the conference, signalling its rising influence in shaping the future of dermatology and aesthetics by accelerating development, improving diagnostic accuracy, and enhancing clinical efficiency. Dr. Abdulsalam AlMadani, Chairman of Dubai Derma, said: 'This rapidly growing sector is considered one of the most advanced globally, with the cosmetic surgery market exceeding $56bn last year. It is expected to continue its accelerated growth in the coming years, driven by medical and technological advancements and increased public awareness of the importance of skincare and aesthetic health.' This year, the conference discussed several non-traditional aspects of dermatological treatment, most notably the emphasis on the importance of psychological and social dimensions in the therapeutic process, and their pivotal role in enhancing treatment effectiveness and improving the quality of life for patients. In another first for the Middle East, the conference hosted a collaborative session between Dubai Derma and the Skin of Colour Society, focusing on treatments tailored for patients with skin of colour. This initiative lays the groundwork for future educational and awareness-driven programmes promoting inclusivity and diversity in dermatology.
Arabian Business
24-03-2025
- Business
- Arabian Business
Majid Al Futtaim reports $9.2bn revenue and $681m net profit
Majid Al Futtaim has reported consolidated revenue of AED33.9bn ($9.2bn), down 2 per cent, while EBITDA grew 1 per cent at AED4.6bn ($1.25bn), through growth in key business areas across the portfolio and prudent financial discipline. Despite challenging circumstances, the Group achieved a net profit of AED2.5bn ($681m), down 6 per cent year on year, a result of currency devaluation, anticipated tax changes and one-off items. However, excluding UAE corporate income tax, valuation gains and impairments, net profit was up 18 per cent. While on a constant currency basis, EBITDA increased 3 per cent, and revenue grew by 1 per cent. Majid Al Futtaim results Within the Group's varied operating companies, revenues grew significantly in key divisions including Properties, Retail Digital and Lifestyle, while overall revenue in the UAE grew by 7 per cent, offsetting challenges in other operating companies and economic headwinds in certain markets. The Group generated AED2.8bn ($762.4m) in free cash flow, a 270 per cent increase over the previous year and reduced net debt by AED1bn ($272m), underscoring the prudence of its financial strategy and focus on long-term value creation. Total assets stood at AED68.8bn ($18.7bn) and net debt to equity improved to 41 per cent. Ahmed Galal Ismail, CEO, Majid Al Futtaim, said: ''2024 was a year defined by extraordinary achievement for Majid Al Futtaim. Despite complex circumstances including macroeconomic factors, geopolitical headwinds and higher corporate tax costs, the Group delivered a strong financial performance. 'Net profit before UAE corporate income tax, valuation gains and impairments was up 18 per cent reaching AED2.04bn ($555.5m) and we closed out the year with free cash flow up almost four-fold, reinforcing the strength of our business model, our ability to adapt, and our unwavering focus on long-term value creation. 'The Group's robust financial performance was underpinned by a record year across our Properties business, with high demand for our latest project Ghaf Woods and new phases of Tilal Al Ghaf, as well as strong tenant sales across our malls. 'We also saw encouraging progress from our Retail business, where its turnaround efforts are bearing early fruit, and its digital business continues to go from strength to strength. As demand for omnichannel solutions continues to accelerate, our newly launched AI-enabled AdTech business, Precision Media, has shown extremely encouraging early performance. 'As Majid Al Futtaim's first digitally native business, Precision Media underscores our unwavering commitment to transforming customer experience, and with more than 150 global and local partners already benefitting from its insights, I look forward to seeing its impact continue to expand in the months ahead. '2024 has also marked a year of significant achievement in delivering on our commitment to nurturing local talent, with our Emiratisation levels reaching a record high of 13 per cent and reflecting our ability to create rewarding career paths and bespoke learning opportunities for the region's future leaders.' Majid Al Futtaim company performances The Group's Properties business achieved a strong performance in 2024, with net revenue growing by 25 per cent year-on-year to AED8.7bn ($2.4bn) and EBITDA increasing by 16 per cent to AED4.2bn ($1.1bn). Majid Al Futtaim's shopping malls have continued to thrive with leasing occupancy hitting 97 per cent and footfall remaining stable from record growth in 2023 across its 29 malls. The newly optimised Hotels portfolio continued to perform well. Further key contributors included the strong performance of the newly launched Ghaf Woods residential development, where Phases 1 and 2 were fully sold within seven days. Tilal Al Ghaf set a new record for luxury living with the release of additional phases which demonstrates the market's appetite for innovative, sustainable, and community-centric living space. Total gross sales for 2024 reached AED7.9bn ($2.2bn), demonstrating 30 per cent growth year on year Majid Al Futtaim's Retail business faced a challenging but rewarding year for its brick-and-mortar business which resulted in revenue at AED22.2bn ($6bn) and EBITDA at AED381m ($104m). On one side, revenues were affected by currency devaluations in key markets and the impact of geopolitical tensions on consumer sentiment; on the other side, 2024 saw the expansion of its discounter offering Supeco, in Egypt, the introduction of Hypermax, a new 100 per cent owned and operated grocery brand in Jordan and early progress of its turnaround programme in the UAE offer a positive outlook. On the digital side, the business achieved significant progress in several strategic areas. Online revenue grew by 14 per cent to AED2.7bn ($735.2m) as the Group continued to prioritise its omnichannel offering to meet evolving consumer preferences. The launch of Precision Media, the Group's first digitally native business leverages AI-powered technology to transform how brands engage with customers. As eCommerce increasingly shifts toward quick commerce, the Group's pivot into this space has seen the Carrefour Now platform grow by 30 per cent over the past 12 months to account for 38 per cent of digital revenues and delivering an EBITDA of 5.9 per cent in 2024 The Lifestyle business delivered strong growth, with revenue rising 26 per cent to AED1.3bn ($354m) and EBITDA increasing 43 per cent to AED96m ($26.1m) compared to the previous year. The expansion of key brands like lululemon, LEGO and Shiseido fuelled this success, with one of lululemon's Dubai-based stores ranking the third-best performing store globally. As a core booster of Majid Al Futtaim's strategy, Lifestyle continues to inject innovation and excitement into the Group's portfolio. This year, the division further strengthened its portfolio by introducing new luxury and lifestyle brands, including the exclusive franchise agreement with Italian luxury label Eleventy, reflecting its commitment to bringing fresh and coveted offerings to the region Its Entertainment business reported net revenue of AED1.7bn ($463m) and EBITDA at AED164m ($44.6m). With regional cinema markets continuing to recover, VOX Cinemas saw a 2 per cent increase in admissions, supported by growing consumer interest in premium experiences. In a further step towards diversifying its entertainment offerings, the Group launched 'ACTIVATE' in the UAE, an interactive gaming concept designed to merge technology and physical activity
Arabian Business
24-02-2025
- Business
- Arabian Business
Flydubai reports record $3.5bn revenue and pre-tax profits of $674m
UAE airline flydubai has reported pre-tax profits of AED2.5bn ($674m); a 16 per cent growth compared to the previous financial year with a total revenue of AED12.8bn ($3.5bn). It marks flydubai's strongest-ever financial performance in its 15-year history and represents an increase of 15 per cent compared to AED11.2bn ($3bn) in 2023. The new milestone was driven by the strength of flydubai's diverse network as well as its strong and agile business model. Flydubai results Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said: 'flydubai continues to push boundaries and reach new milestones year-on-year. In its young, but impactful, journey, it has emerged as a key player in the aviation industry in Dubai and the region. 'Its business model is built on solid foundations and an unwavering commitment to supporting Dubai's economic and tourism vision. 'Forging invaluable air links to underserved markets has supported Dubai's thriving aviation hub, making Dubai one of the most accessible and connected cities in the world. 'We have seen evidence of the positive impact flydubai has in the markets it operates in, stimulating free flows of trade and tourism and acting as a lifeline during challenging times. 'Flydubai is well-placed for continued growth and success in the next chapter of its journey as it expands its horizons and operations, continues to invest in innovation and delivers an enhanced customer experience over the coming years. 'This could not have been possible without the UAE's visionary leadership and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who have created the framework for a secure and safe environment, progressive policies and world-class infrastructure that foster success.' Flydubai reported a year-on-year increase of 15 per cent in its EBITDA at AED4.1bn ($1.1bn), reflecting the business's strong focus on operational and cost efficiency, digitalisation and ongoing investment in enhancing customer experience. Fuel cost accounted for 28 per cent of operating costs in 2024 compared to 32 per cent in 2023, due to a lower average fuel price. The airline reported a closing cash and bank balance (including pre-delivery payments) of AED4.7bn ($1.3bn). The airline carried 15.4m passengers in 2024, up 11 per cent compared to 2023. Overall capacity, measured in Available Seat Kilometres (ASKM), increased by 10 per cent, Passenger Load Factor increased by 1.2 percentage points and Passenger Yield improved with an increase of 1 per cent. This was driven by increased demand for both business and leisure travel around its network. Flydubai's Business Class offering continued to attract more customers, recording an 18 per cent increase in uptake across its network, carrying almost half am passengers in 2024. Ghaith Al Ghaith, CEO at flydubai, said: 'Our record-breaking financial performance, for the fourth consecutive year, demonstrates our continued ability to grow our business and navigate difficult economic and geopolitical challenges through forward planning, drawing on our strength to adapt and evolve to the changing market and customer needs. 'Our collaborative approach with our key stakeholders and agility remain key drivers to this success, as well as the collective effort of our people who have been instrumental to it.' The carrier had to reevaluate its route development plans and implement frequency revisions across the network due to ongoing challenges with aircraft delivery schedules in 2024. Despite its reduced expansion plans, flydubai grew its network in 2024 to 131 destinations in 55 countries, 97 of which were underserved markets. The carrier reinstated two operations to Al Jouf in Saudi Arabia and Sochi in Russia. Furthermore, it added 10 new destinations including Basel in Switzerland, Bhairahawa in Nepal, Islamabad and Lahore in Pakistan, Kerman and Kish Island in Iran, Langkawi and Penang in Malaysia, Mombasa in Kenya as well as The Red Sea in Saudi Arabia. Seasonal summer operations, between June and the end of September, continued to attract more passengers to the carrier's nine destinations on offer. By the end of December, the number of aircraft in flydubai's fleet was 88, with an average fleet age of 5.3 years. Four Boeing 737 MAX 8 aircraft were delivered in the first half of 2024, which were from the backlog of previous years and faced extensive delays. Flydubai did not receive any of the aircraft that were contractually scheduled to be delivered in 2024 due to ongoing challenges with Boeing's delivery schedule. The carrier extended the lease on four Next-Generation Boeing 737-800 aircraft which were scheduled to be returned to the lessors. flydubai's current order book stands at 127 Boeing 737 aircraft to be delivered over the next decade in addition to 30 Boeing 787 Dreamliners, following its first wide-body aircraft order valued at $11bn, starting from 2027. Almost 2.3m codeshare passengers enjoyed seamless connectivity across the joint Emirates and flydubai network of 235 destinations in 101 countries via Dubai's leading aviation hub in 2024. The airline's ongoing recruitment drive has resulted in an expanded workforce of 6,089 employees.
